Spotlight

While Gift Nifty is indicating a positive start, trading around the 24,000 mark compared with the previous session's Nifty close of 23,865, the broader market is expected to trade with a cautious undertone. Supportive global cues, including gains on Wall Street overnight and a positive trend across Asian equities in early trade, are likely to underpin sentiment at the open.

However, investors are expected to remain cautious at higher levels as uncertainty continues to surround the ongoing U.S.–Iran negotiations in Doha. Market participants are closely tracking the second round of talks involving U.S. envoys Steve Witkoff and Jared Kushner, while Iran's continued insistence on full control over the Strait of Hormuz highlights unresolved differences over the proposed ceasefire framework. As a result, headline-driven volatility is likely to persist until greater clarity emerges on the diplomatic front.

Crude oil prices remain stable, trading in the $69–70 per barrel range, providing a supportive backdrop for India's macroeconomic outlook. However, continued selling by foreign portfolio investors has tempered market optimism and remains a key factor limiting any meaningful recovery in domestic equities. 

Technical view

Nifty 50

Nifty 50 continues to trade with a cautious undertone after failing to reclaim the crucial 24,000 psychological mark in the previous session, indicating persistent selling pressure at higher levels. From a technical perspective, the 24,000 level continues to act as the immediate resistance zone. A sustained breakout above this level would improve market sentiment and could pave the way for a move towards the 24,200 level, followed by the 24,400 region, which remains the next significant upside target.
 
On the downside, the 23,800 level remains the immediate support. Holding above this level will be crucial to prevent further weakness. However, a sustained break below 23,800 could intensify bearish momentum and expose the index to the 23,600 support region. Overall, the near-term technical outlook remains cautious. A sustained move above the 24,200 resistance zone will be essential to revive bullish momentum, improve market sentiment, and confirm the resumption of the broader recovery trend.

Bank Nifty

Bank Nifty continues to trade with a mildly weak bias, reflecting persistent selling pressure near higher levels despite the broader technical structure remaining constructive. From a technical perspective, the index first needs to reclaim the 58,000 psychological mark to improve near-term sentiment. A sustained move above the 58,200–58,300 resistance zone would reinforce bullish momentum and could extend the recovery towards the 58,600–58,700 region.
 
On the downside, the 57,600–57,500 region remains a crucial support zone. A decisive break below this band could intensify selling pressure and expose the index to the 57,200–57,000 support region. Overall, the near-term technical outlook remains weak. Bank Nifty is likely to remain under pressure unless it reclaims and sustains above the 58,000 psychological mark.